• NFT adoption increases in China while Beijing bans cryptocurrency trading.
• Alibaba could increase the adoption of the non-fungible tokens after the September auction.
The e-commerce, Alibaba Group, opened its market for NFT trading with an auction. The successful company has created a platform for musicians, software developers, writers, and artists to endeavor to sell their non-fungible tokens.
These auction website developers have used various non-fungible tokens within the service. The auctions will start in September, although there is no specific date for the big event in Asia. The auctions will start with a minimum price of 100 yuan, which would correspond to about $15. Individuals who want to engage in the auction must deposit at least 500 yuan ($77).
Alibaba Group takes advantage of the NFT trend
Unsurprisingly, China’s largest store, Alibaba Group, has taken advantage of the NFT boom in art and other global trends. These non-fungible tokens are backed by Blockchain technology and there is an exclusivity of virtual art pieces.
NFTs made a comeback after their adoption was in a stalemate earlier in the summer. The non-fungible token trading volume has increased in recent days.
The auction will feature a unique piece of the Sichuan monument. In the same way, the host will present the paintings focused on Star Wars and favorite video games such as Grand Theft Auto and Wasteland 2. According to the South China Morning Post reporter Josh Ye, this non-fungible tokens auction brings many new features.
Ye suggests that he is not sure if the auction is properly licensed. The non-fungible tokens will be stored in the copyright Blockchain that the Committee in Sichuan manages. These tokens can be saved and viewed in Bit Universe, which is an app for social networks in China.
Non-fungible token market gains momentum in China
Non-fungible tokens have gained priority in China, despite the government having banned cryptocurrency trading in the country. In June, authorities in Beijing appeared to be friendlier to NFTs and in the same month the SCMP newspaper announced that China is trying to take advantage of Blockchain technology.
The financial agencies associated with the Alibaba Group have created several non-fungible token auctions since the summer began. Even the SCMP magazine has also created its tokens, and they had a good experience at the auction.
The Chinese company Tencent also joined the NFT movement at the beginning of August. This company in Asia dared to sell audios from a very popular talk show in the nation. Everything indicates that non-fungible tokens within China will not be regulated, hoping that the sanctions against Bitcoin will be lifted.